From July 2, 2019 until October 15, 2019, any person 65 years or older may request two (2) compensatory refundable tax credits by informed the Treasury Department on its Informative Bulletin No. 19-08 (BI RI 19-08). The personal compensatory tax credit of $200 is granted to any individual resident of Puerto Rico that at the end of the previous tax year complies with the following:
- The individual is a resident of Puerto Rico.
- To be 65 years or older the last day of the tax year.
- Has not been claimed as a dependent by any other taxpayer.
- His gross income from the previous year does not exceed $15,000 or $30,000 in cases of maried couples.
In addition, a $300 compensatory refundable tax credit is granted to any individual resident of Puerto Rico that complies with the following criteria:
Receives a pension from:
- The Government Employee Retirement Administration or from the Judiciary System
- Teachers’ Retirement System
- The University of Puerto Rico
- Electric Power Authority
- The private sector
- This pension represents his only source of income.
- The amount received the previous tax year from such pension did not exceed $4,800 (without including social security).
The TD also informs that the Form for requesting the benefit, Form 481.1—Credit Tax Return for Persons 65 years or older and Compensatory Tax Credits for Low Income Retirees—is available at the TD’s internet page, www.hacienda.pr.gov, under the Tax Returns, Forms and Attachments link.
This tax form is filed on paper personaly in the Treasury Department or in the Internal Revenue Collection Offices on their municipality or by certified mail to the following address:
Departamento de Hacienda
PO Box 9022501
San Juan, PR 00902-2501
